Construction Loan Tips

We have vast experience in all areas of mortgage lending, including construction loans. We want to help you achieve your dream home goals by providing financial assistance during the construction portion of the build along with the transfer into a mortgage once construction is complete. Our brokers make the process simple, explaining to you any hard-to-understand terms or walk you through the process as we go along. To find out more about construction loans, contact our brokers at Mortgage Guys. We are happy to assist in any way we can, beginning with an initial consultation. Let us find the right construction loan for your new home build needs.

Appraisers Progress Report

An appraiser will provide a progress report at the completion of each stage which will release the next round of money for your construction process. We offer several options including builder, contractor and self-build financing. Our brokers will discuss the type of project you are planning with you and provide financing for as much as 95% LTV financing available. Homes that will have a value from $500,000 to $1 million will require a 10% deposit based on the amount above the $500,000 mark.

Easing Financial Strain

A construction loan works differently than a standard mortgage loan if you so choose. With our options at Mortgage Guys, you can choose to go with interest-only payments during the construction phase. This means you will be paying less while your home is being constructed. This can come in very handy if you have a monthly payment already on an older home or perhaps an apartment dwelling while your home is being built. We offer several options so that you can choose the right loan type for your personal needs.

Our Mortgage Process Simplified.

At MortgageGuys.com we want to provide you with a stress-free mortgage experience.

Pre Approval Consultation: Well discuss what your situation and needs are and provide the options with any pros and cons to each. From here you'll fill out an application online or in-person and upload the necessary documentation. Then you'll receive a pre-approval and budget so you can begin your search.
Make An Offer On Your Home and Gather The Necessary Information: We’ll review and gather employment letters, pay stubs, and all necessary documents to make sure there are no surprises at the end.
Select a Lender: Together we’ll review lender options and the type of loan that best suits you.
Mortgage Loan Submission Mortgage Load Approval: We are notified of the approval and we then ensure with you any outstanding conditions are met prior to funding.
Prepare Mortgage Documents: Your mortgage documents are completed and you can sign them from the comfort of your home or come in to sign.
Mortgage Funding: Your mortgage funds are then transferred by wire to your lawyer on your closing date.
Move in and love your new home – CONGRATULATIONS!

Construction Loans Are A Bit Different

We specialize in offering consumers a reliable way of obtaining financing for a new home. One category we offer is construction loans. With a construction loan through our brokers, you will have access to quality financing for your next home build. No need to worry about having the cash you need during the construction process as we will take care of every aspect for you, leaving you to the planning phases of your new home. We have vast experience in all areas of mortgage lending, including construction loans. We want to help you achieve your dream home goals by providing financial assistance during the construction portion of the build along with the transfer into a mortgage once construction is complete. Our brokers make the process simple, explaining to you any hard-to-understand terms or walk you through the process as we go along. To obtain a construction loan, you simply need to consult with one of our brokers at Mortgage Guys. We will discuss your project, check your personal information and then help to secure the mortgage loan. We offer 1 or 2 unit residential property loans, perfect for single-detached or semi-detached dwellings. With our loan process, you will be given multiple advances so that you have assistance with the construction financing of your project during the build phase.